Reports about physical currency

A CBM-PC covers cross-border movements of physical currency worth AUD10,000 or more (or foreign currency equivalent) into or out of Australia.

Any person entering or departing Australia must report physical currency they are carrying worth AUD10,000 or more (or foreign currency equivalent). Similarly, any person mailing or shipping currency worth AUD10,000 or more (or foreign currency equivalent) into or out of Australia must also report the movement to AUSTRAC.

Reports about bearer negotiable instruments (BNIs)

A CBM-BNI report covers movements of 'bearer negotiable instruments' (BNIs) into or out of Australia. There is no monetary threshold for a BNI. Even a BNI with no face value (for example, a signed blank cheque) must be reported, if requested by a customs officer or a police officer.

Acustoms officer or a police officer may request a person to complete a CBM-BNI form when entering or departing Australia. This usually occurs at the Customs examination area or an airport or shipping passenger terminal. A CBM-BNI form may also have to be completed when a customs officer or a police officer conducts an examination or search and finds a BNI a person has with them. The completed CBM-BNI form must be given to AUSTRAC or the customs officer or police officer.

What is the time frame for reporting a CBM-BNI?

What happens to the completed CBM-PC form or CBM-BNI form?

If the CBM-PC or CBM-BNI form is completed at an airport or port, the form is usually given to a customs officer or police officer, who may check the form to ensure all the required information has been provided. The officer then forwards the form to AUSTRAC.

If the CBM-PC report relates to currency that was mailed or shipped, the person completing the reporting form must send the form directly to AUSTRAC.

Do BNIs sent into or out of Australia through the postal system have to be reported to AUSTRAC?

What are the penalties for failing to report a CBM-PC or CBM-BNI?

CBM-PC

A person commits an offence if they fail to report movements of physical currency as required under the AML/CTF Act. Penalties may include imprisonment and/or a fine imposed by a court.

CBM-BNI

A person commits an offence if they fail to declare the cross-border movement of BNIs when requested by a customs officer or a police officer. Penalties may include imprisonment and/or a fine imposed by a court.

Are there any exemptions from the CBM-PC and CBM-BNI reporting obligations?

The CBM-PC reporting obligations do not apply to a commercial passenger carrier (the airline itself) where the physical currency is in the possession of the carrier's passengers.

The CBM-PC reporting obligations also do not apply to a commercial goods carrier carrying physical currency on behalf of another person, and that person did not inform the carrier that the goods included physical currency.